swapna (student) 18 January 2012
Hey everyone, i had this basic query in income tax, pls see if anyone can help.
Para 5.6 of the Book Direct Taxes-Law & Practice by V K Singhania
it says: Rule One for computing income: Total income is calculated in accordance with the provisions of the Income Tax act, as they stand on the first day of April of the AY.
for Eg : For calculating taxable income for the AY 2012-13 the provisions of the Income Tax Act as on April 1, 2012 are applicable. If an amendment is made w.e.f April 2, 2012, it is irrelevant for calculating income for the AY 2012-13. Likewise, the law existing during the PY 2011-12 has no relevance for determining the total income for the AY 2012-13.
Pls anyone can clarify that whether the provisions of the Income Tax Act as on April 1 of the AY or April 1 of the PY are applicable?
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